Cedar Retreats, the luxury Yorkshire based development with planning for 37 high-end cedar clad holiday homes, has reported an increase in the number of properties sold as rental investments, with many customers citing the ongoing popularity of the staycation as a deciding factor.
Reporting a record start to the year, with four sales in as many months, the business believes it is benefitting from the rising cost of holidays abroad and the increasingly complex security checks at airports and ferry terminals.
As Cedar Retreats attracts holiday guests all year round, with annual rental returns showing a yield of up to 9.1%*, the company has attracted attention from London and the South of England as property investors look to purchase a second home that can be used for holidays and to supplement income.
Managing Director of Cedar Retreats, Sarah Gawthorpe comments: “The staycation is nothing new but with the rising cost of holidays abroad we have definitely seen an increase in the number of investors who are opting to purchase properties so that they can benefit from the trend.
“Many of our owners like the balance of knowing that their investment is safe and delivering a return, while giving them the flexibility to take a break from their busy lives at the times that most suit them.”
Further analysis of visitor trends to Cedar Retreats shows that guests are choosing to take numerous UK breaks throughout the year, as opposed to one annual holiday abroad. As a result, the buy to let market for luxury lodges has been further bolstered.
Reinforcing this, recent research by Barclays shows that more than a third of Britons will take a break within the UK this year, and a further 21 per cent will choose a staycation as their main holiday, further rationalising the increasing demand for properties with character, such as luxury lodges, throughout the country.
Interestingly, Visit Britain has also reported an increase of 21% in inbound flight bookings, compared to the same time last year, with foreign tourists taking advantage of the weak pound, providing a further market for the retreats.